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Telefónica feels the pressure of the shorts again on the eve of presenting results

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Next week comes with a corporate results marathon. Much of the great banking and Ibex It will be accountable to investors for how it fared in the first half of the year. One of those names that will detail its profitability in the middle of the coronavirus pandemic is Telefónica. And it will do so with the action living, again, the presence of bearish investors.

Telefónica will announce results this Thursday, July 30. its President, José María Álvarez-Pallete; or his number two, Ángel Vilá, They will have to detail the evolution of the operator in the last six months, which have not been particularly quiet for the company that owns Movistar.

Not surprisingly, in this first half of 2020, Telefónica has negotiated the merger of its UK division (O2), which will link its destination to that of Virgin Media once you have the approval of the competition authorities. And there are more operations on the table, like purchase of Oi's mobile business in Brazil. Without forgetting, the withdrawal, because the 'teleco' is still pending what will you do with all your business in Latin America (except the Brazilian) that does not consider priority.

In addition, there is the list of their titles on the task list. Álvarez-Pallete has stressed on different occasions that its vocation is to ensure the business in the medium and long term, including quotation. In other words, the company could have taken measures to boost its share price, but it is not among its priorities to do so because it would be a short-term movement that would affect value in the future.

THE ACTION

In this situation, the stock remains at around 4 euros and Telefónica has seen companies until a few months ago 'smaller', such as Cellnex, advancing it by capitalization.

And there are more movements, the last one of a firm like Marshall Wace has been positioned short on the operator. Specifically, last week he communicated to the National Securities Market Commission (CNMV) who has 0.5% of the capital under his hand. The market supervisor has not updated the global position of bears in Telefónica since March 23, when Bridgewater Associates indicated a very similar movement, with 0.49% of the shareholding.

After the small step back of CaixaBank, which received the last dividend in cash and cut its participation below 5%, it will be necessary to see in the next few days if Telefónica once again experiences more changes in its capital at the beginning of the second half of the year.

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